Used Car Market in India to Reach $ 66 Billion by 2022

by Anamika Singhal SEO - Executive (Automotive)

Growing population and increasing disposable income coupled with rising need for automobiles to drive India used car market through 2022

According to TechSci Research report, “India Used Car Market By Vehicle Type, By Sector, By Sales Channel, By Fuel Type, Competition Forecast & Opportunities, 2012 – 2022”, the used car market in India is projected to reach $ 66 billion by 2022. Anticipated growth in the market can be attributed to increasing preference for secondhand cars due to the availability of a wider choice of used vehicles at a huge discounted price compared to new vehicle. Moreover, rising population, increasing demand for CNG vehicles which have high resale value in the aftermarket and growing focus of dealers and car manufacturers to boost their used car sales network are anticipated to positively influence India used car market in the coming years.

Browse 79 Figures and Tables spread through 142 Pages and an in-depth TOC on "India Used Car Market"

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In India used car market, small cars accounted for a dominating share in 2016 and the same trend is anticipated to continue during forecast period as well, owing to inclination of Indian buyers towards compact cars and hatchbacks. However, with increasing affordability and growing purchasing power of Indian buyers, mid-size used cars segment comprising crossovers, SUVs and sedans is expected to emerge as the fastest growing segment in the coming years. Growing penetration of various companies such as Maruti True Value, Mahindra First Choice and Hyundai H Promise is further expected to intensify consumer demand in India used car market during the next five years.

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“With used car industry in India getting more and more organized, the consumers are able to avail benefits such as after sales services, warranty, etc., on the purchase of used cars, similar to that of new cars, which is anticipated to boost demand for used cars in the country during forecast period. Also, growing middle class population and increasing preference of consumers to opt for best available vehicle at lowest possible price point is expected to aid India used car market over the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Used Car Market By Vehicle Type, By Sector, By Sales Channel, By Fuel Type, Competition Forecast & Opportunities, 2012 – 2022” has analyzed the potential of used car market across India, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

Browse the Used Car market research report for US market at: https://www.techsciresearch.com/report/us-used-car-market/4032.html

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